Market Extra: Full capitulation: Fund managers have never been this pessimistic on growth or profits

Fund manager pessimism has never been greater, according to a fresh monthly survey showing both attitudes and allocations at recessionary levels.

Bank of America’s monthly poll of global fund managers, released Tuesday, showed all-time lows in both the percent expecting a stronger economy and those that expect profits to improve. The survey series dates back to 1994.

Optimism…